Tice £91,000 tax row is ‘minor administrative error’, party claims

Tice £91,000 Tax Dispute Labeled ‘Minor Administrative Error’

Reform UK has asserted that the tax controversy involving its deputy leader Richard Tice’s property enterprise constitutes a “minor administrative error.” According to the Sunday Times, Tice’s company, Quidnet REIT Limited, which he established and controlled, did not remit £91,000 in tax before allocating profits to him and his offshore trust. This discrepancy, the report claims, occurred as the firm bypassed a required 20% levy on dividends before distributing them.

While acknowledging the issue, Zia Yusuf, Reform UK’s home affairs spokesperson, described it as “a non story,” emphasizing that any unpaid tax by the company would be compensated by Tice through his personal income tax. “It appears HMRC effectively balanced the tax owed,” she noted during a Sky News interview. Meanwhile, Labour has framed the situation as a “major scandal” that challenges Tice’s moral standing and public trust.

“This is a major scandal which goes to the heart of Richard Tice’s integrity and credibility. Reform cannot ignore it,” stated a Labour spokesperson, urging Tice to clarify whether his business adhered to tax regulations and fully fulfilled its obligations.

HMRC, when asked, responded by stating it would not confirm or deny ongoing investigations, nor comment on specific individuals. Last month, Labour’s chair Anna Turley initiated a formal inquiry with HMRC after the Sunday Times alleged that Tice had sidestepped nearly £600,000 in corporation tax via his property firm.

At a press conference in Westminster, Tice defended his company’s actions, asserting that Quidnet REIT Ltd was “a UK company fulfilling UK tax laws.” He argued there was no legal requirement to pay the highest possible tax, questioning the ethics of forcing individuals to overpay. “How many of your friends would choose to pay more tax than they’re legally required?” Tice challenged journalists, suggesting such a move could harm the UK economy.

“The idea that morally, we have got to pay the maximum tax we possibly can—therein lies the road to ruin for the UK as an economy,” Tice remarked on X, highlighting that HMRC ultimately collected the correct tax amount overall.